What currency should I keep my bankroll in?(one more time)

[kielbax]

I posted it earlier in Finance forum, but it seems it was the wrong place to do so.

So here it is again:
"I was recently thinking a lot about what's the best choice for me.
Many sites allow you to choose the currency you want to keep your balance in. Poker games are played in $. Every time i put money on or off the table pokerroom converts it.
Most of my accounts are in $ now.
I moved to UK recently and am considering switching my poker accounts currency from $ to £.
It has two significant advantages:

- I can withdraw from my poker accounts to my UK bank account directly(no exchange costs).
- I don't have to worry about $ condition anymore.

It seems all good as long as pokerroom is using the same rates both when putting money on and off the table.
I asked Betfair about it. Here's their response:

"Rates are normally applied once daily, which means they will not alter during the day.
We use an international Bank Forex rate USD/GBP. Similiar rates and conversions can be found on www.xe.com"

In my understanding this means that rates are the same and i won't be losing money on conversions.
I would appreciate if someone with better knowledge could confirm if I'm right about it.

It is an important decision for me. Do i miss anything here or is it indeed the best choice for me?

If that's not the right forum, feel free to move.
Thanks in advance for all opinions. "

[Henry17]

I don't know what the situation at BetFair is but based on their response there is nothing in that statement that can answer your question.

That rates are applied once a day means nothing since there is a gap between buying and selling rates for any currency.

My suggestion is sit down at a empty table that is in a foreign currency. Then leave the table without playing any hands. If your balance has decreased then you now have your answer. Make sure you sit down for an amount large enough for it to be noticeable. $200 should do it.

[ALLEN BOND]

Gold.

[TheEye]

oil

[kielbax]

I really fail to see why is my question not taken seriously.
Can you guys explain?

[TheEye]

Yes.

Oil is going up.

There is no chance you will loose.

GL.

[Sandviper23]

i didn't know you could do this on sites... well you can't do it on Poker Stars and any of the main sites...and thats what the majority of the people play.

[Bobo Fett]

I think two issues are being confused here. There is the currency your poker room accounts are in, and the currency that you play at the tables with.

For example, at Crypto sites, my account is in US $, but I can play at tables in $, GBP, or Euros. When I play in a table at a different currency, the money is converted at EXACTLY the same rate when I sit down and when I leave the table. I'm fairly sure you will find this is standard practice at sites that offer tables in multiple currencies. This is why Betfair tells you they do not alter the rates more than once a day...this is what matters when you're converting at a table. You shouldn't have any problem with changing currencies at tables, AFAIK.

The second issue is what currency your poker room accounts are in. When I first started playing, I made the mistake of setting up my Neteller account in Canadian $. Every time I deposited to or cashed out from a poker site where my account was in US $, I was getting nailed for exchange vig. This is fairly standard...if your eWallet, bank account, CC, or whatever else you use to move money on and off poker sites is in a different currency than your poker accounts, you will more than likely get hit with exchange vig either by the poker site, your bank, or the CC company. Ideally you want all, or at least the majority, of your poker accounts to be in the SAME currency as your funding method(s).

[kielbax]

[ QUOTE ]
Ideally you want all, or at least the majority, of your poker accounts to be in the SAME currency as your funding method(s).

[/ QUOTE ]

That is exactly my goal. I have a UK bank account and would like to use it as my deposit/cash out method. That's why i want to change currency of my poker room accounts to GBP. There are many of the sites where you can have your account in different than $ currency like Betfair, Party Poker, some Ongame and Prima skins.

My concern was what rates pokerrooms use when converting money at the table wchich you clarified.

Big thanks Bobo.
I apologize if i didn't make myself clear in the OP.

[Maulik]

As an economist my training suggests any currency that is not a dollar.